"He was a guy that really had a first-round grade three years ago," Executive Vice President of Football Operations/General Manager John Elway said during his pre-draft press conference Monday.

A 2011 second-round pick of the New York Giants, Austin has also spent time with the Miami Dolphins and most recently the Dallas Cowboys.

He has played in a total of 11 games in his career after missing his rookie campaign with a torn pectoral muscle. His tenure with the Cowboys came to a close when he was waived-injured after hurting his back in practice after appearing in one game.

"We worked him out last week, and he's healed from his back surgery," Elway said. "We thought he was a guy that could come in and help us."

Austin was a standout college player at the University of North Carolina, where he was selected second-team All-ACC as a junior.